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Chinadotcom Posts Third Straight Quarterly Profit
August 7, 2003 |
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The company reported a 51% growth in sequential quarterly revenues in Q2 2003 from continuing operations, including new acquisitions, of US$21.9 million.
Gross profit in Q2 2003 was US$9.6 million, up 89% from US$5.1 million in Q1 2003, while gross margin rose from 35% in Q1 2003 to 44% in Q2 2003.
"Notwithstanding the effect of SARS on the region, we are pleased to report a strong quarter, with positive improvement in major fiscal metrics including continued US GAAP profitability and growth on the revenue side while further consolidating the company," said Daniel Widdicombe, Chief Financial Officer of chinadotcom corporation.
"The improvement in revenues and gross profit, and the net income increase of 211%, while maintaining a strong balance sheet of US$360.0 million in net cash and cash equivalents, are encouraging as the company positions itself to execute on its strategy of attaining sustainable high-margin, recurrent revenues."
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